Light is the best antidote

Joy M. Geary

Journal of Money Laundering Control, 2009, vol. 12, issue 3, 215-220

Abstract: Purpose - The purpose of this paper is to draw attention to the difficulties that non‐bank reporting entities have in establishing a best practice risk‐based approach to their anti money laundering and counter terrorism financing (AML/CTF) controls. Design/methodology/approach - The paper draws on the experience of the author in working with non‐bank reporting entities in Australia on their implementation of AML/CTF risk‐based programs to meet the requirements of new laws. Findings - Non bank reporting entities struggle to find data to use in their risk assessments and thus cannot easily formulate a risk‐based approach that will effectively reduce the risk of money laundering and terrorism financing (ML/TF) using their products and services. Practical implications - Financial intelligence units and AML/CTF regulators need to make more information available in a timely fashion to assist regulated entities to improve their risk‐based approach through a better understanding of the ML/TF risks their business face. Originality/value - The paper draws on the current experience of new regulated entities not previously exposed to AML/CTF requirements. Regulators implementing risk‐based regimes should consider the issues raised when measuring the likely success of these regimes.

Keywords: Risk analysis; Financial services; Australia; Legislation; Risk assessment; Feedback (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685200910973600

DOI: 10.1108/13685200910973600

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